Capital One Bank Review 2022: Hybrid Bank with Plenty of Account Options

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Good for Hybrid Banking
Capital One Bank Review
Editor’s Score: (3.93/5)
Good for Hybrid Banking
Capital One Bank Review
Editor’s Score: (3.93/5)
  • Managing debt icon inactive
    Online and In-Person
  • savings rates icon inactive
    Interest Checking
  • cd calc icon inactive
    No Monthly Fees
Overview:

Capital One is a good bank if you’re looking for a one-stop-shop for deposits and lending. Capital One’s online banking division offers a suite of account options with competitive rates and features. It even offers an interest checking account — but you’ll find less variety of CD options than some other banks have.

NextAdvisor’s Take

Pros
  • Competitive interest rates
  • Good customer service feedback
  • Online and in-person banking options
Cons
  • Branches aren’t located everywhere nationwide
  • Other banks may have higher APYs
  • Lacks some of the different account types that other banks offer

Additional Details

  • Bank online via web or mobile app, or visit a Capital One location in-person
  • High-yield savings, money market account, traditional CD, and checking accounts
  • Two different bank accounts for kids: Kids Savings Account and MONEY Teen Checking
  • CD terms range from six months to five years
  • Auto loans, business banking, and robust credit card portfolio available
  • No ATM access for savings or CDs, but you can use an ATM for checking
  • Capital One deposit accounts are FDIC insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Capital One Bank Full Review

Capital One has plenty of accounts for full-service banking, but it does lack the variety of some other banks we’ve reviewed. Its competitive high-yield savings and wide range of CD terms are both great choices. And the bank’s checking account option is unique among many other online banks, especially since it earns interest on your balance, too.

Savings Account

Capital One’s 360 Performance Savings has no minimum deposit or balance requirement, and charges no monthly or maintenance fees to keep your account. It consistently offers a very high APY among savings accounts, though it’s not quite at the highest point on our list of best savings rates.

Capital One allows you to open multiple Performance savings accounts for different savings goals, which you can access under a single account. For transfers and withdrawals, you can make electronic transfers between Capital One accounts or outside bank accounts, and automate regular transfers. However, there’s no ATM option, no debit card or checks, and Capital One limits six transactions per month to or from your account.

Another unique savings option from Capital One is its Kids Savings Account, which parents or guardians can open jointly with children under age 18. It has a lower APY, no fees or minimums, and allows parents to transfer money from their own accounts.

Certificates of Deposit

Capital One has only traditional CD options, but they all come with solid interest rates. 

You can choose between terms ranging from six months to 60 months. Remember, CDs have a fixed interest rate for the full length of the term you lock in upon opening, which you’ll earn when it reaches maturity. There’s no minimum deposit required to open a CD with Capital One, which can be helpful if you’re not starting with a large sum.

If you withdraw from your certificate of deposit early, you’ll pay a penalty. For CDs with terms of 12 months or less, the penalty is equal to three months worth of interest, and for CDs with terms longer than 12 months, you’ll pay six months’ interest.

Checking Accounts

The online checking account option from Capital One is an interest-bearing account. You won’t earn as much as you can with savings products, but you can earn slightly more than you would with a traditional checking account.

There are no monthly fees, but you may incur fees for certain activities, including cashier’s checks, wire transfers, stop payments, and more. 

You’ll receive a Mastercard debit card for transactions and withdrawals, and can also order paper checks via your online account — and get your first checkbook free. ATM withdrawals are limited to $1,000 daily. There’s no minimum to open your account, but you must make a deposit within 60 days to keep the account open.

Other Products

Capital One is a large financial institution with plenty of products and services beyond its online banking division, including auto loan financing and banking for small businesses.

You may be most familiar with Capital One’s credit cards, though. The bank offers several credit card options ranging from premium travel cards like the Capital One Venture X Rewards Credit Card to no annual fee cash back options such as Capital One Quicksilver Cash Rewards Credit Card

Customer Experience

Capital One ranks highly in our rating categories for customer service and transaction options.

You can access your account and make transfers online, in person at a branch, or via Capital One’s mobile app, which has solid customer reviews. It’s rated 4.9 out of 5 starts on the App Store and 4.6 on the Google Play store. 

What’s more, Capital One receives an above-average rating on the J.D. Power Direct Banking Satisfaction Study for 2022. The study evaluates online banks based on criteria such as customer service, level of trust, account management, and more. 

Accessibility

Capital One gets a strong rating from us for its accessibility efforts, too. The bank highlight its “digital accessibility team” on its website, and its discussions with advocate groups and experts. And it accepts accommodation requests via phone or live online chat. Finally, Capital One has a section on-site dedicated to accessibility assistance information you can use on-site, like how to use a screen reader or find accessibility tools on mobile devices.

Is Capital One Bank Right for You?

Capital One is one of the best hybrid banking options for people looking for the high yields online banks offer without forfeiting an in-person banking experience. 

You can choose between high-yield savings, CDs, and an interest checking accounts, all with competitive rates compared to what other online banks offer today. Each of these accounts also benefit from no minimum deposit, no minimum balance requirement, and no monthly fees. What’s more, Capital One offers a robust online account and mobile app experience to manage your account without needing to go into a branch.

However, while its rates are competitive, Capital One doesn’t offer the very top interest rates today. If you’re most interested in scoring the highest APY available, you may want to consider more options. 

You should also consider the different types of accounts not available from Capital One. For example, a larger variety of CDs, such as no-penalty CDs or bump-up CDs, can add flexibility that makes CDs more liquid.

Finally, you may consider Capital One if you already have a credit card account with Capital One, if you like the idea of streamlining your banking without forgoing any interest benefits. You can access each of your accounts online or via mobile app, and manage them in one place.

Capital One FAQs

How much money do I need to open a Capital One bank account?

There is no minimum deposit or minimum balance required for any Capital One online bank account. However, you must deposit some amount within 60 days of opening to keep your account from closing.

Is Capital One a safe bank?

Capital One deposit accounts are FDIC-insured, so your balances (up to $250,000 per account type) are insured from bank failure.

Does Capital One have an actual bank?

Capital One has in-person banking options at its branches and Capital One Cafes. You can use the bank’s locator tool to find the location closest to you.